Tayseer Key Facts (Download)

Product Description:

Customer can avail Tayseer Service (Salary Advance) which is temporary advance of up to 80% of one month’s net salary and can be withdrawn from the account, or utilized to cover any of customer’s monthly financial obligations with the bank (Sharjah Islamic Bank). This facility can be availed every month, provided full payment for the amount received is made by the month-end or next salary credit date depending in the facility date, noting that this product has been approved by the Bank Sharia supervision committee.

Execution Mechanism:

- Tayseer (Salary Advance) is obtained through all of the bank's channels (Branches, ATMs, Call center, Online Banking and Mobile banking).

- The average of the latest salaries will be calculated, as  customer will get 80% of that average amount as a Qard Hassan, i.e. the amount is calculated after deducting all customer’s obligations towards the bank

- Once transaction is approved, amount is provided in the customer's account in the form of an overdraft, so the customer can withdraw the amount through ATM, Bank check, transfer an amount to another account, or use it to cover any of the customer's monthly financial obligations with the bank.

- An administration fee of AED 200 plus VAT is charged upon availing such service, and the fee is deducted from the salary advance amount, once advance is withdrawn/used.

- Advance amount used, shall be paid from the following customer’s salary transferred to the bank

Terms and Conditions:

1. Salary Advance transaction is carried out in compliance with Islamic Sharia rules and principles, and it is based on Qard Hasan

2. The Bank is entitled, at its absolute discretion, to accept or reject customer’s application

3. If the facility application is approved, it will be also in accordance with the UAE Central Bank regulations, as per the below mentioned details:

- Maximum facility amount availed by the customer under this service is AED 15,000 - The salary must be transferred to the bank regularly and from a known employer

- If customer avails the facility on or before the 15th of the month, the utilized amount will be settled from customer’s salary or at the end of the month, whichever comes first. If the date of availing the facility is after the 15th of the month, the utilized amount will be settled from customer’s salary or at the end of the following month, whichever comes first

- Customer must be regular in paying his other obligations with the bank (If any)

4. Other Terms & Conditions are to be considered after executing the transaction:

- Utilized amount has to be paid in the due date (As elaborated earlier in the Terms & Conditions), and if customer fails to pay, the bank may claim the unpaid amount through the legal procedures

- If the customer fail to pay the Utilized amount in the due date, this may affect customer credit rating, which may limit the customer ability to another finance in the future from the bank or other banks

- In the event of no balance on the due date in customer’s salary account the bank has the right to deduct the due amount from any other credit account with the bank

- As mentioned in the service description, salary is the main security required to obtain this service, so the customer must transfer the salary of the month following receiving the product, and in case salary is not transferred or customer have been terminated from his work or left or changed his work, customer’s end-of-service benefits must be transferred to his account with the bank, noting that the Bank is entitled to block the EOSB and any other amounts available in the account in order to pay any overdue amount (s)

5. The Customer shall have the right to have a Cooling-Off period, of 5 complete business days commencing from the time of signing the contract for the Salary Advance, hence if the customer opted to terminate the contract within the cooling off period, the bank has to refund to it any related Fees and direct costs already incurred by the customer. However, if the customer, within the cooling off period, disposed of/acted on the subject of the contract in any manner, its right in the cooling off period will cease. The customer may also waive its right in the cooling off period by its written consent. For more information, please review the relevant Form issued along with the Salary Advance approval.

I hereby declare that I have read and understood the above-mentioned facts, and undertake to comply and observe the same.